Cheers! 80th anniversary of repeal of Prohibition
Cheers! Today is the 80th anniversary of the repeal of Prohibition. The Twenty-First Amendment to the Constitution was ratified on December 5, 1933. It repealed the Eighteenth Amendment establishing Prohibition, which went into effect on January 17, 1920.
It's the only Amendment that repealed a prior Amendment. It's also the only amendment to be ratified using the state ratifying convention. All other Amendments have been ratified by state legislatures.
The first state to ratify was Michigan on April 10, 1933. On December 5, 1933, Utah became the 36th statet o ratify (Ohio and Pennsylvania had ratified on the same day), which brought the Amendment into effect (there were only 48 states at the time, as Hawaii and Alaska were not yet states).
As for alcohol beverage stocks, it's been a very, er, mixed year. Take a look:
- Constellation Brands: 97%
- Boston Beer: 75%
- Molson Coors: 25%
- Brown-Forman: 18%
- Beam: 8.2%
- Diageo: 7.2%
(Read more: Prohibition is over! Here's a bucket of beer stocks)
—By CNBC's Bob Pisani